August 10, 2012

Financial Results for the Three Months Ended June 30, 2012
 The Dai-ichi Life Insurance Company, Limited (the "Company" or the "Parent Company"; President: Koichiro Watanabe) announces its financial results for the three months ended June 30, 2012.

[Contents] Financial Summary for the Three Months Ended June 30, 2012 1. Business Highlights 2. Investment Results of General Account 3. Unaudited Quarterly Non-Consolidated Balance Sheets 4. Unaudited Quarterly Non-Consolidated Statements of Earnings 5. Breakdown of Net Surplus from Operations (Fundamental Profit) 6. Solvency Margin Ratio 7. Status of Separate Account 8. Consolidated Financial Summary

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P.1 P.3 P.6 P.7 P.9 P.10 P.11 P.12

For further information please contact:
Corporate Planning Dept., The Dai-ichi Life Insurance Company, Limited TEL: +81-(0)-50-3780-7731/6942

Please note that this is an unofficial translation of the original disclosure in Japanese.

1. Business Highlights
(1) Sum Insured of Policies in Force and New Policies Policies in Force
As of March 31, 2012
Number of policies
(thousands)

Amount
(billions of yen)

As of June 30, 2012 Number of policies Amount
(thousands)
% of March 31, 2012 total

(billions of yen)

% of March 31, 2012 total

Individual insurance Individual annuities Individual insurance and annuities Group insurance Group annuities
Note: 1. 2.

11,372 1,289 12,662 -

138,597.9 7,537.5 146,135.4 50,491.5 6,065.9

11,387 1,302 12,690 -

100.1 101.0 100.2 -

137,091.0 7,609.4 144,700.4 49,719.7 6,032.3

98.9 101.0 99.0 98.5 99.4

Policy amount in force of individual annuities is equal to (a) the funds to be held at the time annuity payments are to commence for an annuity for which payment has not yet commenced, and (b) the amount of policy reserve for an annuity for which payments have commenced. Policy amount in force of group annuities is equal to the amount of outstanding corresponding policy reserve.

New Policies
Number of policies
(thousands)
% of June 30, 2011 total

Amount
(billions of yen) New Business Net increase by conversion
% of June 30, 2011 total

Three months ended June 30, 2011 Individual insurance Individual annuities Individual insurance and annuities Group insurance Group annuities Three months ended June 30, 2012 Individual insurance Individual annuities Individual insurance and annuities Group insurance Group annuities
Note: 1. 2. 3.

294 10 305 281 21 303 95.6 199.0 99.4 -

1,253.5 77.9 1,331.4 63.9 0.2 1,387.2 142.2 1,529.5 144.5 0.0

1,265.6 80.1 1,345.8 63.9 0.2 1,298.7 144.3 1,443.0 144.5 0.0

(12.1) (2.2) (14.3) 88.4 (2.0) 86.4 110.7 182.5 114.9 225.9 8.2

Number of new policies is the sum of new business and policies after conversion. Amount of new policies for individual annuities, both new business and net increase by conversion, is equal to the funds to be held at the time annuity payments are to commence. Amount of new policies for group annuities is equal to the initial premium payment.

(Reference) Surrenders and lapses in individual insurance and annuities
(billions of yen)

Amount of surrenders and lapses Surrender and lapse rate (%)

Three months ended June 30, 2011 1,803.2 1.19

Three months ended June 30, 2012 1,728.8 1.18

Note: 1. The amount of lapses is not offset by the amount of lapses which are reinstated. 2. The table above excludes cases where the sum insured is decreased or riders are surrendered for in-force contracts.

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The Dai-ichi Life Insurance Company, Limited

(2) Annualized Net Premiums Policies in Force
As of March 31, 2012 As of June 30, 2012
(billions of yen) % of March 31, 2012 total

Individual insurance Individual annuities Total Medical and survival benefits

1,682.8 323.9 2,006.8 515.0

1,675.1 328.1 2,003.3 516.6

99.5 101.3 99.8 100.3
(billions of yen)

New Policies
Three months ended June 30, 2011 Three months ended June 30, 2012

% of June 30, 2011 total

Individual insurance Individual annuities Total Medical and survival benefits
Note: 1. 2.

23.6 2.9 26.5 10.8

23.9 4.8 28.8 9.9

101.6 166.6 108.8 92.2

3.

Annualized net premiums are calculated by using multipliers for various premium payment terms to the premium per payment. In single premium contracts, the amount is calculated by dividing the premium by the duration of the policy. Annualized net premiums for medical and survival benefits include (a) premiums related to medical benefits such as hospitalization and surgery benefits, (b) premiums related to survival benefits such as specific illness and nursing benefits, and (c) premiums related to premium waiver benefits, in which disability cause is excluded but causes such as specific illness and nursing care are included. "New policies" include net increase by conversion.

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The Dai-ichi Life Insurance Company, Limited

2. Investment Results of General Account
(1) Asset Composition (General Account)
(millions of yen)

As of March 31, 2012 Cash, deposits, and call loans Securities repurchased under resale agreements Deposit paid for securities borrowing transactions Monetary claims bought Trading account securities Money held in trust Securities Domestic bonds Domestic stocks Foreign securities Foreign bonds Foreign stocks and other securities Other securities Loans Policy loans Ordinary loans Real estate Real estate for rent Deferred tax assets Others Reserve for possible loan losses Total Foreign currency-denominated assets Carrying value 440,974 294,324 20,672 24,314,699 15,541,651 2,284,861 6,298,234 4,786,438 1,511,795 189,951 3,412,529 509,826 2,902,702 1,249,101 810,238 282,638 360,010 (10,670) 30,364,280 4,669,650 % 1.5 1.0 0.1 80.1 51.2 7.5 20.7 15.8 5.0 0.6 11.2 1.7 9.6 4.1 2.7 0.9 1.2 (0.0) 100.0 15.4

As of June 30, 2012 Carrying value 490,518 293,352 19,034 24,075,252 15,698,642 2,024,457 6,169,546 4,713,615 1,455,931 182,606 3,330,642 502,875 2,827,767 1,227,958 790,406 364,854 471,624 (9,863) 30,263,374 4,674,009 % 1.6 1.0 0.1 79.6 51.9 6.7 20.4 15.6 4.8 0.6 11.0 1.7 9.3 4.1 2.6 1.2 1.6 (0.0) 100.0 15.4

Note: 'Real estate' represents total amount of land, buildings and constuction in progress.

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The Dai-ichi Life Insurance Company, Limited

(2) Fair Value Information on Securities (General Account) (securities with fair value except for trading securities)
(millions of yen) Book value As of March 31, 2012 Bonds held to maturity Domestic bonds Foreign bonds Policy-reserve-matching bonds Domestic bonds Stocks of subsidiaries and affiliates Securities available for sale Domestic bonds Domestic stocks Foreign securities Foreign bonds Foreign stocks and other securities Other securities Monetary claims bought Certificates of deposit Others Total Domestic bonds Domestic stocks Foreign securities Foreign bonds Foreign stocks and other securities Other securities Monetary claims bought Certificates of deposit Others As of June 30, 2012 Bonds held to maturity Domestic bonds Foreign bonds Policy-reserve-matching bonds Domestic bonds Stocks of subsidiaries and affiliates Securities available for sale Domestic bonds Domestic stocks Foreign securities Foreign bonds Foreign stocks and other securities Other securities Monetary claims bought Certificates of deposit Others Total Domestic bonds Domestic stocks Foreign securities Foreign bonds Foreign stocks and other securities Other securities Monetary claims bought Certificates of deposit Others Fair value Gains (losses) Gains 135,828 94,524 41,303 8,271,349 8,271,349 1,763 14,051,792 6,909,503 1,674,737 5,071,333 4,608,914 462,419 105,325 275,893 15,000 22,460,734 15,275,377 1,674,737 5,112,637 4,650,217 462,419 107,088 275,893 15,000 134,506 94,676 39,829 8,865,568 8,865,568 2,263 13,513,286 6,433,657 1,621,452 5,079,800 4,585,255 494,544 104,946 273,429 22,515,624 15,393,903 1,621,452 5,119,629 4,625,085 494,544 107,210 273,429 141,079 96,999 44,079 8,793,208 8,793,208 1,932 14,743,299 7,175,777 1,972,561 5,186,119 4,745,134 440,984 99,516 294,324 15,000 23,679,519 16,065,984 1,972,561 5,230,198 4,789,214 440,984 101,448 294,324 15,000 139,923 97,820 42,102 9,482,929 9,482,929 2,263 13,961,685 6,738,396 1,712,325 5,125,267 4,673,785 451,481 92,343 293,352 23,586,802 16,319,147 1,712,325 5,167,370 4,715,888 451,481 94,606 293,352 5,250 2,474 2,775 521,858 521,858 168 691,506 266,273 297,824 114,785 136,220 (21,434) (5,808) 18,431 0 1,218,784 790,607 297,824 117,561 138,996 (21,434) (5,639) 18,431 0 5,417 3,144 2,273 617,360 617,360 448,399 304,738 90,873 45,467 88,529 (43,062) (12,603) 19,922 1,071,177 925,244 90,873 47,740 90,803 (43,062) (12,603) 19,922 5,250 2,474 2,775 522,899 522,899 168 978,055 279,031 465,533 209,470 189,147 20,323 5,541 18,478 0 1,506,374 804,406 465,533 212,246 191,922 20,323 5,710 18,478 0 5,417 3,144 2,273 618,036 618,036 830,775 313,977 316,212 177,284 163,908 13,376 3,317 19,983 1,454,229 935,158 316,212 179,558 166,181 13,376 3,317 19,983 Losses 1,041 1,041 286,548 12,757 167,709 94,684 52,926 41,758 11,349 47 287,590 13,799 167,709 94,684 52,926 41,758 11,349 47 676 676 382,376 9,238 225,338 131,817 75,378 56,438 15,920 61 383,052 9,914 225,338 131,817 75,378 56,438 15,920 61 -

Note: The table above includes assets which are considered appropriate to handle as securities as defined in the Financial Instruments and Exchange Law.

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The Dai-ichi Life Insurance Company, Limited

* Carrying values of securities whose market prices are deemed extremely difficult to obtain are as follows:
(millions of yen) As of March 31, 2012 Bonds held to maturity Unlisted foreign bonds Others Policy-reserve-matching bonds Stocks of subsidiaries and affiliates Unlisted domestic stocks (except over-the-counter stocks) Unlisted foreign stocks (except over-the-counter stocks) Others Other securities Unlisted domestic stocks (except over-the-counter stocks) Unlisted foreign stocks (except over-the-counter stocks) Unlisted foreign bonds Others Total
Note:1. 2.

As of June 30, 2012 337,100 182,680 147,567 6,851 1,067,646 129,450 840,552 0 97,643 1,404,746

338,206 182,680 148,716 6,809 1,133,357 129,619 905,550 0 98,188 1,471,564

The table above includes assets which are considered appropriate to handle as securities as defined in the Financial Instruments and Exchange Law. The amounts of foreign exchange valuation gains (losses) on foreign securities whose market prices are deemed extremely difficult to obtain and which are listed in the table above are as follows: 3,153 million yen in loss as of March 31, 2012 and 12,921 million yen in loss as of June 30, 2012.

(3) Fair Value Information on Money Held in Trust (General Account)
(millions of yen)

Carrying value on the balance sheet

Fair value 20,672 19,034

Gains (losses) 358 (523)

Gains 6,288 5,876

Losses 5,929 6,399

As of March 31, 2012 As of June 30, 2012
Note:

20,672 19,034

Fair value in the table above is based on the valuation conducted by the fiduciary on a reasonable basis. "Gains (losses)" include gains (losses) from derivative transactions within the trusts.

* Information on money held in trust for investment purpose is as follows:
(millions of yen)

As of March 31, 2012
Valuation gains

As of June 30, 2012
Valuation gains

Carrying value on (losses) included in Carrying value on (losses) included in the statement of the statement of the balance sheet the balance sheet
earnings earnings

Money held in trust for investment purpose
Note:

20,672

358

19,034

(523)

"Valuation gains (losses) included in the statement of earnings" include reversal gains (losses) at the beginning of the fiscal year.

* Information on money held in trust classified as held-to-maturity, policy-reserve-matching, and available-for-sale: The Company had no balance as of March 31, 2012 or June 30, 2012.

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The Dai-ichi Life Insurance Company, Limited

3. Unaudited Quarterly Non-Consolidated Balance Sheets
As of March 31, 2012

(summarized) (ASSETS) Cash and deposits Call loans Monetary claims bought Money held in trust Securities [ Government bonds ] [ Local government bonds ] [ Corporate bonds ] [ Stocks ] [ Foreign securities ] Loans Policy loans Ordinary loans Tangible fixed assets Intangible fixed assets Reinsurance receivable Other assets Deferred tax assets Customers' liabilities for acceptances and guarantees Reserve for possible loan losses Reserve for possible investment losses Total assets (LIABILITIES) Policy reserves and others Reserves for outstanding claims Policy reserves Reserve for policyholder dividends Reinsurance payable Subordinated bonds Other liabilities Corporate income tax payable Lease liabilities Asset retirement obligations Other liabilities Reserve for employees' retirement benefits Reserve for retirement benefits of directors, executive officers and corporate auditors Reserve for possible reimbursement of prescribed claims Reserve for price fluctuations Deferred tax liabilities for land revaluation Acceptances and guarantees Total liabilities (NET ASSETS) Capital stock Capital surplus Legal capital surplus Retained earnings Legal retained earnings Other retained earnings Fund for risk allowance Fund for price fluctuation allowance Reserve for tax basis adjustments of real estate Retained earnings brought forward Treasury stock Total shareholders' equity Net unrealized gains (losses) on securities, net of tax Deferred hedge gains (losses) Reserve for land revaluation Total of valuation and translation adjustments Subscription rights to shares Total net assets Total liabilities and net assets 259,498 239,800 294,324 20,672 25,333,423 [ 13,354,741 ] [ 311,133 ] [ 2,187,285 ] [ 2,549,923 ] [ 6,614,982 ] 3,412,529 509,826 2,902,702 1,254,198 105,338 7,076 243,177 282,638 20,074 (10,670) (142) 31,461,940

(millions of yen) As of June 30, 2012 333,823 200,600 293,352 19,034 25,019,544 [ 13,518,853 ] [ 307,950 ] [ 2,174,754 ] [ 2,260,950 ] [ 6,460,624 ] 3,330,642 502,875 2,827,767 1,233,982 104,677 7,367 346,983 364,854 21,004 (9,863) (269) 31,265,733

28,529,906 130,386 28,011,648 387,871 458 148,652 1,128,862 6,222 1,664 3,551 1,117,424 432,022 2,521 1,000 74,453 95,608 20,074 30,433,560 210,200 210,200 210,200 206,703 5,600 201,103 43,120 65,000 19,352 73,630 (16,703) 610,399 479,490 (44) (61,616) 417,829 150 1,028,379 31,461,940

28,577,541 123,781 28,074,270 379,490 522 147,212 1,040,359 2,715 2,776 3,531 1,031,335 436,263 2,475 909 77,953 95,175 21,004 30,399,417 210,207 210,207 210,207 191,112 5,600 185,512 43,120 65,000 19,316 58,075 (15,982) 595,544 310,637 (370) (39,630) 270,635 135 866,316 31,265,733

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The Dai-ichi Life Insurance Company, Limited

4. Unaudited Quarterly Non-Consolidated Statements of Earnings
Three months ended June 30, 2011 1,050,966 744,881 [ 744,644 ] 222,479 [ 174,043 ] [ 44,565 ] [ 1,957 ] 83,605 [ 24,907 ] 995,864 609,612 [ 184,834 ] [ 118,497 ] [ 125,671 ] [ 149,502 ] [ 30,890 ] 122,731 120,333 2,398 65,899 [ 4,676 ] [ 196 ] [ 14,270 ] [ 20,438 ] [ 5,434 ] 98,842 98,778 55,101 396 396 6,783 306 2,977 3,500 18,957 29,756 347 12,010 12,357 17,398 (millions of yen) Three months ended June 30, 2012 1,068,996 763,995 [ 763,828 ] 239,939 [ 166,677 ] [ 70,822 ] [ 1,618 ] 65,061 [ 6,605 ] 1,028,363 632,072 [ 217,712 ] [ 126,519 ] [ 135,141 ] [ 127,379 ] [ 24,985 ] 64,932 62,621 2,311 135,381 [ 4,635 ] [ 1,624 ] [ 12,729 ] [ 49,440 ] [ 49,680 ] 95,536 100,439 40,633 3,911 3,911 6,730 1,693 1,536 3,500 17,765 20,049 5,434 (7,932) (2,498) 22,547

ORDINARY REVENUES Premium and other income [ Premium income ] Investment income [ Interest and dividends ] [ Gains on sale of securities ] [ Derivative transaction gains ] Other ordinary revenues [ Reversal of reserves for outstanding claims ] ORDINARY EXPENSES Benefits and claims [ Claims ] [ Annuities ] [ Benefits ] [ Surrender values ] [ Other refunds ] Provision for policy reserves and others Provision for policy reserves Provision for interest on policyholder dividends Investment expenses [ Interest expenses ] [ Losses on money held in trust ] [ Losses on sale of securities ] [ Losses on valuation of securities ] [ Losses on investment in separate accounts ] Operating expenses Other ordinary expenses ORDINARY PROFIT EXTRAORDINARY GAINS Gains on disposal of fixed assets EXTRAORDINARY LOSSES Losses on disposal of fixed assets Impairment losses on fixed assets Provision for reserve for price fluctuations Provision for reserve for policyholder dividends Income before income taxes Corporate income taxes-current Corporate income taxes-deferred Total of corporate income taxes Net income for the period

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The Dai-ichi Life Insurance Company, Limited

NOTES TO UNAUDITED QUARTERLY NON-CONSOLIDATED FINANCIAL STATEMENTS
I. NOTES TO UNAUDITED QUARTERLY SHAREHOLDERS’ EQUITY, ETC. NON-CONSOLIDATED BALANCE SHEETS AND

1.

Changes in Accounting Policies Which are Almost Undistinguishable from Changes in Accounting Estimates Effective the three months ended June 30, 2012, the Company has changed its depreciation method for its tangible fixed assets acquired on or after April 1, 2012 in accordance with the revision of the Corporation Tax Act. As a result, its ordinary revenue and income before income taxes for the three months ended June 30, 2012 increased by ¥16 million, both compared to those calculated using the previous depreciation method.

2. Securities Lending Securities lent under lending agreements are included in the non-consolidated balance sheets. The total balance of securities lent as of June 30, 2012 was ¥534,633 million. 3. Changes in Reserve for Policyholder Dividends Changes in reserve for policyholder dividends were as follows:
(millions of yen)

Balance at the beginning of fiscal year ending March 31, 2013....................... Dividends paid during the three months ended June 30, 2012……….............. Interest accrual during the three months ended June 30, 2012……………….. Provision for reserve for policyholder dividends ……………………………. Balance as of June 30, 2012…………………………………………………...

¥ 387,871 (28,457) 2,311 17,765 ¥ 379,490

II. NOTES TO THE UNAUDITED NON-CONSOLIDATED STATEMENTS OF EARNINGS 1. Net Income per Share Net income per share for the three months ended June 30, 2012 was ¥2,279.80. Diluted net income per share for the same period was ¥2,279.45.

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The Dai-ichi Life Insurance Company, Limited

5. Breakdown of Ordinary Profit (Fundamental Profit)
(millions of yen)

Three months ended June 30, 2011

Three months ended June 30, 2012

Fundamental revenues Premium and other income Investment income [Interest and dividends] Other ordinary revenues Fundamental expense Benefits and claims Provision for policy reserves and others Investment expenses Operating expenses Other ordinary expenses Fundamental profit Capital gains Gains on money held in trust Gains on investments in trading securities Gains on sale of securities Derivative transaction gains Foreign exchange gains Others Capital losses Losses on money held in trust Losses on investments in trading securities Losses on sale of securities Losses on valuation of securities Derivative transaction losses Foreign exchange losses Others Net capital gains Fundamental profit plus net capital gains Other one-time gains Reinsurance income Reversal of contingency reserve Reversal of specific reserve for possible loan losses Others Other one-time losses Ceding reinsurance commissions Provision for contingency reserve Provision for specific reserve for possible loan losses Provision for specific reserve for loans to refinancing countries Write-down of loans Others Other one-time profits Ordinary profit
Note:

1,004,247 744,881 175,760 174,043 83,605 924,621 609,612 94,798 22,589 98,842 98,778 A 79,625 46,522 44,565 1,957 43,306 196 14,270 20,438 8,400 B A +B 3,215 82,841 196 24 171 27,936 6,000 2 21,933 C A +B +C (27,740) 55,101

996,356 763,995 167,299 166,677 65,061 929,464 632,072 34,670 66,744 95,536 100,439 66,892 72,441 70,822 1,618 68,490 1,624 12,729 49,440 4,695 3,950 70,842 198 198 30,407 4,500 3 25,904 (30,209) 40,633

1. For the three months ended June 30, 2011, "Others" in "Other one-time gains" represents the amount of reversal of reserve for possible investment losses (171 million yen) and "Others" in "Other one-time losses" represents the amount of the additional policy reserves provided (21,933 million yen) in accordance with Article 69, Paragraph 5 of the Enforcement Regulations of the Insurance Business Act.

2. For the three months ended June 30, 2012, "Others" in "Other one-time losses" represents the sum of the amount of provision for reserve for
possible investment losses (142 million yen) and the amount of the additional policy reserves provided (25,762 million yen) in accordance with Article 69, Paragraph 5 of the Enforcement Regulations of the Insurance Business Act.

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The Dai-ichi Life Insurance Company, Limited

6. Solvency Margin Ratio
(millions of yen)

As of March 31, 2012 Total solvency margin Common stock, etc. Reserve for price fluctuations Contingency reserve General reserve for possible loan losses Net unrealized gains on securities (before tax) × 90% *2 Net unrealized gains (losses) on real estate × 85% *2 Policy reserves in excess of surrender values Qualifying subordinated debt Excluded portion of policy reserves in excess of surrender values and qualifying subordinated debt Excluded items Others Total risk
( + 1R
8 2 2 R ) R +R +R7 ) R 4 +( 2 + 3

As of June 30, 2012 2,953,096 596,195 77,953 427,593 2,341 403,409 (11,116) 1,487,891 441,492 (392,783) (169,507) 89,628 1,050,829 92,577 158,401 282,027 5,735 706,979 24,914 562.0%

(A)
*1

3,128,027 594,550 74,453 423,093 2,411 622,400 (36,536) 1,469,387 441,780 (383,699) (169,507) 89,694

(B)

1,086,199 94,146 158,098 284,367 5,874 739,876 25,647 575.9%

Insurance risk 3rd sector insurance risk Assumed investment yield risk Guaranteed minimum benefit risk Investment risk Business risk Solvency margin ratio (A) × 100 (1/2) × (B)

R1 R8 R2 R7 R3 R4
*3

*1: Expected disbursements from capital outside the Company and valuation and translation adjustments are excluded. *2: Multiplied by 100% if losses. *3: Calculated by standard method. Note: The figures as of March 31, 2012 are calculated based on Articles 86 and 87 of the Enforcement Regulations of Insurance Business Act, and Announcement No. 50, Ministry of Finance, 1996. The figures as of June 30, 2012 are calculated by using the method which is deemed appropriate taking the regulations and announcement above into account.

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The Dai-ichi Life Insurance Company, Limited

7. Status of Separate Account
(1) Separate Account Assets by Product
(millions of yen)

As of March 31, 2012 Individual variable insurance Individual variable annuities Group annuities Separate account total 43,785 142,821 929,076 1,115,683

As of June 30, 2012 40,435 130,245 862,161 1,032,841

(2) Sum Insured of Policies in Force of Individual Variable Insurance and Annuities (Separate Account)
A. Individual variable insurance
(millions of yen except number of policies)

As of March 31, 2012

As of June 30, 2012

Number of policies Individual variable insurance (term life) Individual variable insurance (whole life) Total Note: Policies in force include term life riders. B. Individual variable annuities 191 46,835 47,026

Amount 940 290,505 291,446

Number of policies 191 46,664 46,855

Amount 940 289,365 290,305

(millions of yen except number of policies)

As of March 31, 2012

As of June 30, 2012

Number of policies Individual variable annuities 41,056

Amount 131,129

Number of policies 40,269

Amount 119,154

Note: Sum insured of policies in force includes that of annuities for which payments have commenced.

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The Dai-ichi Life Insurance Company, Limited

8. Consolidated Financial Summary
(1) Selected Financial Data and Other Information
(millions of yen)

Three months ended June 30, 2011 Ordinary revenues Ordinary profit Net income for the period Comprehensive income for the period 1,135,672 47,372 32,275 46,415 As of March 31, 2012 Total assets Solvency margin ratio 33,468,670 563.2%

Three months ended June 30, 2012 1,201,630 29,431 11,131 (167,705) As of June 30, 2012 33,273,933 544.8%

(2) Scope of Consolidation and Application of Equity Method Three months ended June 30, 2012 Number of consolidated subsidiaries Number of non-consolidated subsidiaries accounted for under the equity method Number of affiliates accounted for under the equity method 16 0 14

For information regarding changes in subsidiaries and affiliates, please refer to "GUIDELINES FOR PREPARATION OF UNAUDITED QUARTERLY CONSOLIDATED FINANCIAL STATEMENTS" (P.16).

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The Dai-ichi Life Insurance Company, Limited

(3) Unaudited Consolidated Balance Sheets
As of March 31, 2012 (summarized) ASSETS Cash and deposits Call loans Monetary claims bought Money held in trust Securities Loans Tangible fixed assets Intangible fixed assets Reinsurance receivable Other assets Deferred tax assets Customers' liabilities for acceptances and guarantees Reserve for possible loan losses Reserve for possible investment losses Total assets LIABILITIES Policy reserves and others Reserves for outstanding claims Policy reserves Reserve for policyholder dividends Reinsurance payable Subordinated bonds Other liabilities Reserve for employees' retirement benefits Reserve for retirement benefits of directors, executive officers and corporate auditors Reserve for possible reimbursement of prescribed claims Reserve for price fluctuations Deferred tax liabilities Deferred tax liabilities for land revaluation Acceptances and guarantees Total liabilities NET ASSETS Capital stock Capital surplus Retained earnings Treasury stock Total shareholders' equity Net unrealized gains (losses) on securities, net of tax Deferred hedge gains (losses) Reserve for land revaluation Foreign currency translation adjustments Total accumulated other comprehensive income Subscription rights to shares Minority interests Total net assets Total liabilities and net assets 315,187 249,200 294,324 48,266 27,038,793 3,413,620 1,254,685 211,055 41,751 307,973 284,562 20,074 (10,684) (142) 33,468,670 (millions of yen) As of June 30, 2012

387,247 207,400 293,352 63,026 26,723,662 3,331,804 1,234,423 201,675 40,616 412,799 367,065 21,004 (9,874) (269) 33,273,933

30,489,920 239,320 29,862,729 387,871 12,681 148,652 1,188,105 433,791 2,538 1,000 74,831 9,719 95,608 20,074 32,476,924 210,200 210,200 165,557 (16,703) 569,253 483,446 (44) (61,616) (8,535) 413,249 150 9,091 991,745 33,468,670

30,567,955 229,375 29,959,089 379,490 12,044 147,212 1,091,227 438,385 2,492 909 78,400 10,456 95,175 21,004 32,465,263 210,207 210,207 138,550 (15,982) 542,982 316,412 (370) (39,630) (18,712) 257,697 135 7,853 808,669 33,273,933

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The Dai-ichi Life Insurance Company, Limited

(4) Unaudited Consolidated Statements of Earnings and Consolidated Statements of Comprehensive Income [Unaudited Consolidated Statements of Earnings]
Three months ended June 30, 2011 1,135,672 830,853 221,328 [ 173,348 ] [-] [-] [ 44,565 ] [ 1,446 ] 83,490 1,088,300 653,993 [ 194,841 ] [ 118,860 ] [ 131,565 ] [ 155,423 ] 155,422 153,023 2,398 65,613 [ 5,019 ] [ 1,108 ] [ 1,378 ] [ 14,271 ] [ 20,439 ] [ 1,981 ] 111,496 101,774 47,372 23,513 397 23,116 0 6,925 311 2,977 3,523 114 18,957 45,002 1,487 12,054 13,542 31,460 814 32,275 (millions of yen) Three months ended June 30, 2012 1,201,630 888,329 250,666 [ 166,537 ] [ 4,673 ] [ 1,820 ] [ 71,174 ] [ 5,637 ] 62,634 1,172,198 679,247 [ 226,351 ] [ 126,942 ] [ 142,489 ] [ 134,764 ] 103,562 101,250 2,311 176,799 [ 4,915 ] [-] [-] [ 12,731 ] [ 48,292 ] [ 84,133 ] 108,886 103,702 29,431 3,912 3,911 0 6,808 1,702 1,536 3,569 0 17,765 8,770 6,733 (7,662) (929) 9,699 1,431 11,131

ORDINARY REVENUES Premium and other income Investment income [ Interest and dividends ] [ Gains on money held in trust ] [ Gains on investments in trading securities ] [ Gains on sale of securities ] [ Derivative transaction gains ] Other ordinary revenues ORDINARY EXPENSES Benefits and claims [ Claims ] [ Annuities ] [ Benefits ] [ Surrender values ] Provision for policy reserves and others Provision for policy reserves Provision for interest on policyholder dividends Investment expenses [ Interest expenses ] [ Losses on money held in trust ] [ Losses on investments in trading securities ] [ Losses on sale of securities ] [ Losses on valuation of securities ] [ Losses on investment in separate accounts ] Operating expenses Other ordinary expenses Ordinary profit EXTRAORDINARY GAINS Gains on disposal of fixed assets Gain on step acquisition Other extraordinary gains EXTRAORDINARY LOSSES Losses on disposal of fixed assets Impairment losses on fixed assets Provision for reserve for price fluctuations Other extraordinary losses Provision for reserve for policyholder dividends Income before income taxes and minority interests Corporate income taxes-current Corporate income taxes-deferred Total of corporate income taxes Income before minority interests Minority interests in loss of subsidiaries Net income for the period

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The Dai-ichi Life Insurance Company, Limited

[Unaudited Consolidated Statements of Comprehensive Income]
(millions of yen) Three months ended Three months ended June 30, 2011 June 30, 2012 31,460 9,699 14,955 (177,405) 18,182 (166,809) (716) (326) (34) (69) (2,574) (10,658) 98 46,415 47,195 (779) 458 (167,705) (166,476) (1,229)

Income before minority interests Other comprehensive income Net unrealized gains (losses) on securities, net of tax Deferred hedge gains (losses) Reserve for land revaluation Foreign currency translation adjustments Share of other comprehensive income of subsidiaries and affiliates accounted for under the equity method Comprehensive income for the period Attributable to shareholders of the parent company Attributable to minority interests

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The Dai-ichi Life Insurance Company, Limited

NOTES TO THE UNAUDITED QUARTERLY CONSOLIDATED FINANCIAL STATEMENTS
I. GUIDELINES FOR PREPARATION OF UNAUDITED QUARTERLY CONSOLIDATED FINANCIAL STATEMENTS The Parent Company made no significant changes to the preparation of the quarterly consolidated financial statements.

II. NOTES TO UNAUDITED QUARTERLY CONSOLIDATED BALANCE SHEETS AND SHAREHOLDERS’ EQUITY, ETC.

1.

Changes in Accounting Policies Which are Almost Undistinguishable from Changes in Accounting Estimates Effective the three months ended June 30, 2012, the Parent Company and its domestic consolidated subsidiaries

have changed their depreciation method for the tangible fixed assets acquired on or after April 1, 2012 in accordance with the revision of the Corporation Tax Act. As a result, consolidated ordinary profit and income before income taxes and minority interests of the Parent Company for the three months ended June 30, 2012 increased by ¥16 million, both compared to those calculated using the previous depreciation method.

2.

Securities Lending Securities lent under lending agreements are included in the consolidated balance sheet. The total balance of

securities lent as of June 30, 2012 was ¥545,147 million.

3.

Changes in Reserve for Policyholder Dividends Changes in Reserve for Policyholder Dividends were as follows: (millions of yen) Balance at the beginning of fiscal year ending March 31, 2013……………... ¥387,871 Dividends paid during the three months ended June 30, 2012……………….. (28,457) Interest accrual during the three months ended June 30, 2012……………….. Provision for reserve for policyholder dividends ……………………………. 2,311 17,765

Balance as of June 30, 2012………………………………………………….. ¥379,490

4.

Dividends on Common Stock Date of resolution Type of shares Total dividends Dividends per share Record date June 25, 2012 (at the Annual General Meeting of Shareholders) Common stock ¥15,818 million ¥1,600 March 31, 2012

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The Dai-ichi Life Insurance Company, Limited

Effective date Dividend resource

June 26, 2012 Retained earnings

Note: Total dividends did not include ¥181 million of dividends to the Stock Granting Trust (J-ESOP) and the Trust-type Employee Stockholding Incentive Plan (E-Ship), as the Parent Company recognized the shares held by those trusts as treasury stock.

III. NOTES TO UNAUDITED QUARTERLY CONSOLIDATED STATEMENTS OF EARNINGS

1.

Calculation of Tax Income taxes for certain consolidated subsidiaries of the Parent Company are calculated by applying a reasonably

estimated effective tax rate for the full fiscal year to income before income taxes for the three months ended June 30, 2012. The effective tax rate is determined by estimating the effective tax rate for the full fiscal year, which includes the three months ended June 30, 2012, after taking into account the effect of deferred tax accounting.

2.

Net Income per Share Net income per share for the three months ended June 30, 2012 was ¥1,125.53. Diluted net income per share for the

same period was ¥1,125.36.

3.

Depreciation and Amortization For the three months ended June 30, 2012, (1) depreciation of rented real estate and others totaled ¥3,631 million,

(2) depreciation (including the depreciation of intangible fixed assets other than goodwill) totaled ¥9,416 million, and (3) amortization of goodwill was ¥780 million.

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The Dai-ichi Life Insurance Company, Limited

(5) Consolidated Solvency Margin Ratio

(millions of yen)

As of March 31, 2012 Total solvency margin Common stock, etc. *1 Reserve for price fluctuations Contingency reserve Catastrophe loss reserve General reserve for possible loan losses Net unrealized gains on securities (before tax) × 90% *2 Net unrealized gains (losses) on real estate × 85% *2 Policy reserves in excess of surrender values Qualifying subordinated debt Excluded portion of policy reserves in excess of surrender values and qualifying subordinated debt Excluded items Others Total risk (A) 3,096,077 453,417 74,831 480,251 2,425 628,174 (36,536) 1,527,129 441,780 (525,037) (40,052) 89,694 (B) 1,099,355 101,911 164,238 *3

As of June 30, 2012 2,917,164 450,954 78,400 485,243 2,352 411,838 (11,116) 1,541,901 441,492 (533,936) (39,594) 89,628 1,070,774 100,049 164,429 285,584 26,328 699,333 25,514 544.8%

[{(R12+R52)1/2+R8+R9}2+(R2+R3+R7)2]1/2+R4+R6
R1 R5 R6 R8 R9 R2 R7 R3 R4

Insurance risk General insurance risk Catastrophe risk 3rd sector insurance risk Small amount and short-term insurance risk Assumed investment yield risk Guaranteed minimum benefit risk Investment risk Business risk Solvency margin ratio (A) × 100 (1/2) × (B)

287,440 28,829 723,443 26,117 563.2%

*1: Expected disbursements from capital outside the Company and accumulated other comprehensive income, etc. are excluded. *2: Multiplied by 100% if losses. *3: Calculated by standard method. Note: The figures as of March 31, 2012 are calculated based on Article 86-2 and 88 of the Enforcement Regulations of Insurance Business Act, and Notification of the Financial Services Agency No. 23, 2011. The figures as of June 30, 2012 are calculated by using the method which is deemed appropriate taking the regulations and announcement above into account.

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The Dai-ichi Life Insurance Company, Limited

(6) Status of Insurance Claims Paying Ability of Insurance Subsidiaries (Solvency Margin Ratio)
The Dai-ichi Frontier Life Insurance Company As of March 31, 2012 Total solvency margin Common stock, etc. Reserve for price fluctuations Contingency reserve General reserve for possible loan losses Net unrealized gains on securities (before tax) × 90% * Net unrealized gains (losses) on real estate × 85% * Policy reserves in excess of surrender values Qualifying subordinated debt Excluded portion of policy reserves in excess of surrender values and qualifying subordinated debt Excluded items Others Total risk
( + 1R
8 2 2 R ) R +R +R7 ) R 4 +( 2 + 3

(millions of yen)

As of June 30, 2012 192,045 71,088 447 57,650 15 8,835 54,009 55,519 0 3,557 19,730 30,615 1,617 691.8%

(A)

207,088 86,770 378 57,157 17 5,023 57,741 -

(B)

47,284 0 3,073 21,923 20,910 1,377 875.9%

Insurance risk 3rd sector insurance risk Assumed investment yield risk Guaranteed minimum benefit risk Investment risk Business risk Solvency margin ratio (A) × 100 (1/2) × (B)
*: Multiplied by 100% if losses.

R1 R8 R2 R7 R3 R4

Note: 1. The figures as of March 31, 2012 are calculated based on Articles 86 and 87 of the Enforcement Regulations of Insurance Business Act, and Ministry of Finance Official Notification No. 50 of 1996. The figures as of June 30, 2012 are calculated by using the method which is deemed appropriate taking the regulations and announcement above into account. 2. Guaranteed minimum benefit risk is calculated by the standard method.

(7) Segment Information
The Company on a consolidated basis did not operate any businesses categorized in other segments than its own core life insurance business, and therefore segment information was omitted.

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The Dai-ichi Life Insurance Company, Limited

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